Does Hainan Rural Credit Cooperative deduct money every day after loans overdue?

Yes According to the loan regulations of Hainan Rural Credit Cooperative, in bank loans, users will sign a withholding agreement with the bank card bound to the loan account. From the repayment date, the user will be charged automatically, and the user needs to ensure that the bank card has enough funds. Loans overdue, from the day after the repayment date, the system will initiate automatic deduction every day until the repayment amount is fully deducted. Loans are loans issued by banks, credit cooperatives and other institutions to units or individuals who need money, and usually indicate interest and repayment date.